Marathon Petroleum Corp announces joint venture for Martinez Renewable Fuels Project with Neste
Clients Marathon Petroleum Corporation
Jones Day is advising Marathon Petroleum Corp. in the formation of a joint venture with Neste to convert Marathon’s idled refinery in Martinez, California into a 730 million gallons per year renewable fuels facility. The multi-year project will be structured as a 50/50 joint venture with Neste expected to contribute a total of $1 billion, inclusive of half of the total projected project development costs through the completion of the project. Marathon will continue to manage project execution and operate the facility once construction is complete. Both Marathon and Neste will be responsible for raw material sourcing, and will market the offtake separately under their respective brands.